Bitcoin ETF cost basis
$77,195per BTC
What the US spot bitcoin ETFs paid, on average, for the bitcoin they held on 5 November 2026.
According to CryptoKeyhole, the US spot bitcoin ETFs it reads daily paid an average of $77,195 per BTC for the 1,061,496 BTC they held on 5 November 2026. BTC closed that day at $75,981, 1.6% below it, so the funds' bitcoin was worth $1.29B less than it cost.
Price against what the funds paid
When the price fell below it
Since 4 January 2024, BTC closed below what the funds had paid on 186 of 700 days with a figure (27%), in 12 separate stretches; the deepest was 28.6% below, on 30 June 2026.
| First close below | Last close below | Days | Deepest | 30 days later | 90 days later |
|---|---|---|---|---|---|
| 4 Sep 2026 | 18 Sep 2026 | 9 | −6.6% | +8.5% | not yet |
| 2 Feb 2026 | 2 Sep 2026 | 148 | −28.6% | −7.6% | −0.2% |
| 3 Sep 2024 | 12 Sep 2024 | 8 | −7.7% | +5.6% | +66.7% |
| 5 Aug 2024 | 7 Aug 2024 | 3 | −7.4% | +7.3% | +27.3% |
| 12 Jan 2024 | 26 Jan 2024 | 10 | −6.9% | +12.9% | +63.7% |
Days are days with a figure (US trading days every included fund published). The last two columns are the BTC close 30 and 90 calendar days after the first close below, against that first close. A record this short is a description of what happened, not a rule for what comes next. 7 shorter dips of one or two days are counted above but not listed.
Fund by fund
| Fund | BTC held | Cost basis | Price vs cost | Unrealized profit/loss | Record |
|---|---|---|---|---|---|
| IBITiShares Bitcoin Trust ETF | 801,241 | $81,136 | −6.4% | −$4.13B | since launch, 5 Jan 2024 |
| FBTCFidelity Wise Origin Bitcoin Fund | 174,157 | $61,704 | +23.1% | +$2.49B | daily from 22 Oct 2026; before that from its quarterly filings (estimated) |
| BITBBitwise Bitcoin ETF | 37,338 | $61,655 | +23.2% | +$534.9M | daily from 22 Oct 2026; before that from its quarterly filings (estimated) |
| ARKBARK 21Shares Bitcoin ETF | 29,093 | $81,017 | −6.2% | −$146.5M | since launch, 10 Jan 2024 |
| HODLVanEck Bitcoin ETF | 14,353 | $78,713 | −3.5% | −$39.2M | since launch, 4 Jan 2024 |
| EZBCFranklin Bitcoin ETF | 5,314 | $74,755 | +1.6% | +$6.5M | since launch, 10 Jan 2024 |
Daily flows, holdings and fees fund by fund: Bitcoin ETF flows.
How it is calculated
Every fund keeps a running ledger of what its bitcoin cost. When its holdings grow, the coins it adds cost that day's change times CryptoKeyhole's own BTC/USD close of that UTC day. When they shrink (redemptions, bitcoin sold to pay its fee, cash payouts of staking rewards), the coins that leave take the fund's average cost with them, so an outflow does not move its cost basis; it realizes a profit or loss against it instead. The figure on this page is the included funds' total cost divided by their total bitcoin, on every day each of them has published.
The holdings come from each issuer's own daily file, the same figures as the ETF flows pages, checked inside each file and against the funds' quarterly filings. FBTC (Fidelity) and BITB (Bitwise) publish only the current day, so what they held before their daily record here (22 October 2026) comes from their own quarter-end filings (10-Q and 10-K): each quarter's change is valued at the mean of our daily closes over that quarter, because when inside it the coins moved is not known. That part, 16% of the cost today, is estimated.
Coverage: the funds CryptoKeyhole reads daily. Funds whose issuers' sites refuse automated reads (CoinShares, Grayscale, Morgan Stanley, WisdomTree and Invesco since 30 October 2026) are not in the daily figures, so not in the cost basis either; we do not work around that. Invesco's BTCO is in the cost basis from 22 October 2026 to 29 October 2026, its last collected day (except 28 October 2026, a day its file could not be read), and left out from 30 October 2026: its holdings are not carried forward at the last read.
Limitations: this is what the funds paid for their coins, reconstructed from their holdings; what each shareholder paid for their shares depends on the share price on the day they bought, which the funds do not publish. A creation is valued at our close of the day rather than at the benchmark price the fund used for its NAV that afternoon. A day appears once every included fund has published it and that UTC day has closed.
Use the figure
- Daily history as CSVevery day since 4 Jan 2024, one row a day
- The same as JSONwith today's figures, each fund, the method and this citation; no key needed
- The interactive chartwith the price, any range, exports
The cost basis is free data under CC BY 4.0: reuse it anywhere, crediting CryptoKeyhole with a link to this page (licence and reuse).
Questions
What is the Bitcoin ETF cost basis?
The average price the US spot bitcoin ETFs paid for the bitcoin they hold. CryptoKeyhole works it out from each fund's own daily holdings file: on 5 November 2026 it was $77,195 per BTC for the funds it reads daily.
Are Bitcoin ETF holders in profit?
On 5 November 2026, BTC closed at $75,981, below the funds' cost basis of $77,195: their bitcoin was worth 1.6% less than it cost, an unrealized loss of $1.29B.
Why does the cost basis matter?
It is where the funds' holders as a group break even. Traders watch it as a level where ETF buyers may defend their position or, below it, sell to cut losses; how far the price is above or below it says how much room holders have.
Why are some funds not included?
Funds whose issuers' sites refuse automated reads (CoinShares, Grayscale, Morgan Stanley, WisdomTree and Invesco since 30 October 2026) are not in the daily figures, so not in the cost basis either; we do not work around that. Invesco's BTCO is in the cost basis from 22 October 2026 to 29 October 2026, its last collected day (except 28 October 2026, a day its file could not be read), and left out from 30 October 2026: its holdings are not carried forward at the last read. A fund whose earlier holdings cannot be followed back to its launch from its own files is left out of the cost basis too; the page names them.
Figures are calculated by CryptoKeyhole from the ETF issuers' own published files and our own price and node data. Nothing here is investment advice. Free to reuse under CC BY 4.0, crediting CryptoKeyhole with a link to this page (licence and reuse).